Zaakpay – P2P money transfer using an Email ID

Zaakpay, a digital payments startup has launched an ePayments service, which, at the moment, is more or less like an online money transfer, supporting only inter-bank payments. However, the company plans to extend it further and release an API, around June-end, so that e-commerce merchants can integrate it as a payment option. It also intends to launch a payment gateway product by the name of ‘Webpay’, by August, which will integrate credit and debit cards. In addition to this, it also plans to introduce payments by SMS and IVR.

The company has tied-up with around 90 Indian banks, to enable individuals and businesses to send and receive payments from various banks through the service. After registering for a Zaakpay account, users need to link their bank account with it. The service moves money from the sender’s bank account to the receiver’s Zaakpay account. It sets a 3 day default limit, for users to retain money in Zaakpay, after which it is automatically sent to their bank accounts.